Our team of trading experts put XM forex broker to the test and in this unbiased XM broker review, we'll explore the features, pros, and cons of using the broker for trading.
We will help you make an informed decision before you open an account with XM.
What Is XM? (XM Group)
XM is anaward-winningand popular forex broker that has been in operation since 2009 and is headquartered in Cyprus. The broker has over 5 million happy traders worldwide from almost 200 countries.
XM also has a high trust score of 93 out of 99 on Trustpilot.
Is XM Legit Or A Scam?
Yes, XM broker is legit. XM Group is a well-established and reputable online broker that has been operational since 2009. The broker has many good customer reviews.
XM broker is regulated by top-tier financial authorities, including the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Dubai Financial Services Authority (DFSA), and the Financial Services Commission of Belize (IFSC).
Is XM a reliable broker?
XM Broker has a generally positive reputation in the online trading industry and is considered reliable by many traders. The broker has been operating for several years and is regulated by reputable financial authorities, which adds a level of credibility to its operations.
Is XM forex broker good for beginners?
Yes definitely. XM is one of the best forex service providers. XM Group has a low minimum deposit, good customer service, an excellent web & and mobile trading platform, low fees, great educational tools, and an easy account opening process. So based on these features, we can say that XM is suitable for beginners.
XM Account Types
This XM group review found that the broker offers four different account types to cater to the needs of different traders, these are:
All account types come with negative balance protection and there is an option to open an Islamic version of each account.
XM Micro Account
The XM Micro Account allows traders to trade in micro lots which are smaller lot sizes. There are 1,000 units of the base currency in one Micro lot.
This makes it perfect for beginner traders or those who prefer to start with smaller trade sizes. It has a low minimum deposit requirement of $5 and provides access to all trading platforms and a wide range of trading instruments.
The account comes with negative balance protection and up to 300 open positions/pending orders.
Experienced traders who wish to try new strategies or explore a new asset class can also use the XM micro account and risk a small amount of capital.
The maximum leverage is 1:1000, allowing traders to amplify their positions. The Micro account offers commission-free trading with tight spreads. An overnight fee is charged on all open positions that are kept open overnight.
XM Standard Account
The XM Standard Account caters to more experienced traders looking for a wider range of trading instruments and advanced features. It offers a balance of features and affordability.
This account type offers trading with standard lots with tighter spreads and greater flexibility.
With a maximum leverage of 1:1000, the XM Standard account allows traders to take advantage of market opportunities. This account type is more suitable for traders who have a good understanding of the markets and want to explore a diverse range of assets.
The competitive spreads and leverage options empower users to optimize their trading positions, fostering a conducive environment for both beginners and seasoned traders.
XM Ultra Low Account
The XM Ultra Low Account is tailored for traders who prioritize low trading costs. It offers ultra-low spreads, starting from 0.6 pips, making it ideal for scalpers and high-frequency traders.
Separate Ultra Low Standard and Ultra Low Micro accounts are available (under CySEC). There are 100,000 units of the base currency in one Standard Ultra lot and 1,000 units of the base currency in one Micro Ultra lot.
This account type is suitable for traders who focus on tight spreads and want to execute trades swiftly. There is a free service for VPS trading. Traders with the XM Ultra Account can join the XM loyalty program offering a deposit bonus and trading bonus.
The XM Ultra Low account, which has a minimum balance of $5, offers commission-free trading on a wide variety of instruments and charges swap fees on overnight positions.
It is suitable for active and experienced traders who can take advantage of the narrow spreads.
How To Open An XM Real Trading Account
This XM group review found that opening a live XM account is straightforward. Simply follow the steps below.
Click hereto access the XM broker portal, where you can find the application form to fill in. You can also look for the ‘Open an Account‘ button on the XM homepage. Fill in the form and ensure you provide the same details as they appear on your identity documents as you will need to verify your account later.
2. Select the Trading Platform & Account Type:
XM Markets Group offers bothMT4 and MT5so you must choose your preferred platform first. Then choose the account type that best suits your trading needs and preferences. Review the features and conditions of each account type before making your selection. After registration, you can also open multiple trading accounts of different account types.
3. Fill In Further Personal Details
On the next page, you will need to fill in some more details about yourself and your investment knowledge. You will also get to set your account password. Make sure you choose a password you will not forget so that you will not be locked out of your account. Accept the terms and conditions and click on ‘OPEN REAL ACCOUNT‘.
4. Verify Your Email:
After submitting the registration form, you should receive an email from XM Broker with instructions on how to verify your email address. Follow the provided link or instructions to complete the verification process.
Upon confirmation of the email and account, a new browser tab will open with welcome information. The identification or user number that you can use on the MT4 or Webtrader platform is also provided.
You will also get an email with your login details. You can then log in and start trading as you would have successfully created your real XM trading account.
How To Verify Your XM Real Account
You can begin trading on XM without verifying your account but your account will have limitations and deposit limits. Fortunately, my experience has shown that verifying your XM account is easy.
You only need to upload your ID if you are based in your country of birth. You do not need to upload proof of residence as long as you are in your home country.
Make sure you have a clear picture of both the front and back of your identity document.
To verify your XM live account do the following:
Which Instruments Can You Trade On XM?
XM Broker offers a wide range of tradable instruments across multiple asset classes, including:
1️⃣ Forex (Foreign Exchange):
2️⃣ Commodities:
3️⃣ Stock CFDs (Contracts for Difference):
4️⃣ Equity Indices:
5️⃣ Cryptocurrencies:
6️⃣ Turbo Stocks:
7️⃣ ETFs (Exchange-Traded Funds):
Please note that the availability of specific instruments may vary depending on your geographical region and regulatory restrictions. XM provides a comprehensive list of tradable instruments on its website, and you can explore the full range of offerings specific to your account once you sign in.
Overall, XM Broker provides traders with various financial instruments to trade across multiple asset classes. This diversity ensures traders have a range of trading opportunities to explore and diversify their portfolios.
XM Broker Review: Deposit and Withdrawal Methods
XM Broker offers a variety of deposit methods to accommodate traders worldwide. These methods typically include:
Minimum deposit for XM
The minimum deposit and withdrawal at XM is $5 depending on the method used.
XM Global allows deposits to be made in any currency. However, they will be automatically converted into the base currency that the client chose when they opened the account.
How Do You Deposit Money on XM Broker
This XM broker review found that depositing funds with the broker is easy and seamless.
To deposit in your XM real trading account, please do the following steps:
XM Withdrawal Methods:
When it comes to withdrawing funds from your XM Broker account, the available methods are generally the same as the deposit options.
It's important to note that, in compliance with anti-money laundering regulations, XM follows a strict policy where withdrawals are processed via the same method used to deposit funds.
However, in cases where this is not possible (e.g., expired credit card), alternative withdrawal methods may be utilized.
How To Withdraw on XM Broker
How long does it take to withdraw from XM?
XM Broker aims to process withdrawal requests promptly. Their requests are processed by the back officewithin 24 hours.
You will receive your money on the same day for withdrawals made via e-wallet, while withdrawals by bank wire or credit/debit card usually take 2 – 5 business days.
XM Broker does not charge any fees for withdrawals. However, it's essential to note that intermediary banks or payment processors may apply their own charges, which are beyond XM's control. Traders should consider this when selecting their preferred withdrawal method.
XM Bonuses
XM Broker is known for offering various bonuses and promotional programs to enhance trading opportunities for its clients.
The XM $30 No Deposit Bonus
The XM $30 no-deposit bonus is available to new clients who sign up for an account with XM Group. The bonus is credited to the client's account as soon as the account is verified, and it can be used to trade on the platform.
The bonus is available for 90 days, during which time the client can use it to trade on any of the financial instruments offered by XM.
One of the main benefits of the $30 no-deposit bonus is that it allows new clients to trade on the platform without risking any of their own money.
XM Loyalty Program
XM's loyalty program rewards clients for their trading activity and encourages them to trade more. The loyalty program has several levels, and clients can move up the levels by increasing their trading volume.
The XM group loyalty program offers cashback and bonus rewards based on the client's trading volume.
The loyalty program has four levels: Executive, Gold, Diamond, and Elite. Clients are automatically enrolled in the loyalty program when they open an account with XM, and they start at the Executive level.
The loyalty program offers cashback and bonus rewards based on the client's trading volume. The cashback rewards are paid out weekly and are based on the client's trading volume for the previous week.
The bonus rewards are credited to the client's account monthly and are based on the client's trading volume for the previous month
XM Competitions
XM regularly runs contests with significant cash prizes that are open to all account holders.
These different XM competitions have differentaccount typesand equity requirements. You will be able to see these specific requirements when you register for each competition.
Learn more about these XM competitions here.
XM Fees
This XM review found that the broker offers competitive spreads and commissions on its various account types.
XM Group follows a transparent fee structure, with costs primarily based on spreads and overnight financing charges (swap rates).
XM Platforms
XM broker offers multiple trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5) and the XM App.
MT4 and MT5 are two of the most popular trading platforms in the world and are used by millions of traders around the globe.
MT4 and MT5 are both powerful and user-friendly trading platforms that offer a wide range of features, including:
XM also has the webtrader option. This feature allows traders to access their trading accounts from anywhere in the world with a web browser.
XM App
The XM App provides a convenient and efficient mobile trading experience. With its user-friendly interface, real-time market data, and essential trading functionalities, traders can stay connected to the markets and manage their trades anytime, anywhere.
The features of the XM app include:
XM Copytrading
This XM broker review found that the broker has just launched a new platform.
XM CopyTrading is a social trading platform that allows users to copy the trades of other traders. This is a great way for beginner traders to learn how to trade and generate profits without having to spend hours analyzing the markets.
As an Investor, you choose the strategies you want to follow and decide how much to invest in each. Any trades that are made or closed within the strategies will be replicated in your portfolio.
XM Copy Trading provides access to a diverse pool of skilled and verified traders. Traders can evaluate the performance, trading history, risk levels, and other relevant statistics of each available trader before deciding whom to follow.
XM Copy Trading offers flexibility and control to users making it one of the best copy trading platforms out there.
Traders have the freedom to allocate a portion of their trading capital to different traders, diversifying their risk across multiple strategies.
As a Strategy Manager, you create your own strategies and share them with the community. You then earn a profit share on any profits they make from following you.
XM Broker Review: Customer Support
This XM broker review found that the broker's customer support is generally well-regarded by traders. Customers praise XM customer support for being responsive, knowledgeable, and helpful.
1️⃣ Channels of Communication:
XM broker offers multiple channels of communication for customer support. These channels typically include email support, live chat, and phone support. The availability of these channels may depend on the specific region or country of the trader.
The various options allow traders to choose their preferred mode of communication based on their convenience and the urgency of the query.
2️⃣ Response Time:
XM broker aims to provide prompt responses to customer inquiries. The response time may vary depending on the complexity and volume of inquiries received, as well as the communication channel chosen.
Generally, during business hours, customer support strives to respond to queries promptly. However, response times outside of regular business hours or during peak periods may be longer.
3️⃣ Multilingual Support:
XM offers 24/5 hour live help by a professional Customer Support department. Support is provided in 28 languages making it very convenient for clients from all over the globe.
4️⃣ Knowledge Base and Educational Resources:
In addition to direct customer support, XM Broker provides a comprehensive knowledge base and educational resources on their website.
Traders can access articles, tutorials, videos, and frequently asked questions (FAQs) to find answers to common queries or gain a better understanding of various trading concepts and platform features.
These resources can be helpful for self-service support and learning.
It's important to note that the quality and effectiveness of customer support may vary based on individual experiences and specific circ*mstances. Some traders may find the support team helpful, responsive, and knowledgeable, while others may have different experiences.
It's always beneficial for traders to provide clear and concise information when reaching out to customer support to assist the team in resolving queries effectively.
XM Broker Review: Education
This XM forex broker review found that XM offers a range of educational resources aimed at assisting traders, particularly those who are new to the world of forex trading.
XM's educational resources are generally well-regarded by traders. Traders praise XM's educational resources for being comprehensive, informative, and easy to understand.
Xm Broker Review: XM Awards
Additionally, third parties have shown their approval for XM through accolades and awards. XM segregates its wide array of awards into three main categories: Forex Services Awards, Forex Broker Awards, and Forex Platform Awards. Some of the recognitions that XM has earned
XM Pros 👍
XM Cons 👎
XM Broker Review: Verdict
My experience has shown that XM Broker is a reputable and well-regulated brokerage that offers a wide range of trading instruments, user-friendly platforms, educational resources, and competitive trading conditions.
Its commitment to security, customer support, and continuous technological advancements make it a compelling option for traders seeking a reliable and comprehensive trading experience.
Traders can benefit from the platform's features, enhance their trading strategies, and enjoy a seamless trading experience.
